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congress, including the deal on the bush tax cuts that were made at year end. $2.4 trillion of deficit reduction over the next ten years. and all also agree that $is.8is- that $1.8 trillion was gutting expenses and a little more than $600 billion of this was revenues achieved through the year-end bush tax cut deal. so everwhelmingly what has been done thus far has been in spending cuts rather than new revenues. it is very important for us to know that. it is very important for folks to realize that democrats are willing to make are hard calls about spending. we've done it already. but the question before this body and the question before the house now is going forward, what do we do to achieve additional deficit reduction that's consistent with having a growing economy? and the approaches of the senate and the house on this could not be more different. the house approach basically says that all additional deficit reduction should be achieved by cutting spending. by looking at one side of the balance sheet. i do not know of a business, i do not know of a family, i do not know of other u
osborne unveiled the government's proposed tax and spending plans to members of the british house of commons. he told members 600,000 more jobs will be added this year according to forecasters. corporation tax will be cut to 20%, the lowest tax rate than any other economy in the world. in his one-hour speech, chancellor osborne announced measures aimed at assisting small business owners, first- time homebuyers, and british veterans. this is about an hour and 15 minutes. mr. deputy speaker, this is a budget for people who aspire to work hard and get on. it's a budget for people who realise there are no easy answers to problems built up over many years. just the painstaking work of putting right what went so badly wrong. and together with the british people we are, slowly but surely, fixing our country's economic problems. we've now cut the deficit not by a quarter, but by a third. we've helped business create not a million new jobs, but one and a quarter million new jobs. we've kept interest rates at record lows. but mr. deputy speaker, despite the progress we've made, th
their fair share too as we work towards deficit reduction. so our senate budget locks in tax cuts for the middle class while closing loopholes and cutting wasteful spending in the tax code. and our budget uses that new revenue from the wealthiest americans and big corporations for deficit reduction and for investments that support our economy and strengthen our middle class. now the house republican budget, which we'll vote on tonight, does the opposite. according to the tax policy center, the tax plan in the house republican budget would cost nearly $5.7 trillion in lost federal revenue. and the majority of that lost revenue will benefit the wealthiest americans. and just like past house republican budgets, it's once again pretty unclear how this budget would pay for all those tax cuts that are skewed toward the wealthiest. but the reality, mr. president, is that to achieve the goals that are laid out in their budget, house republicans will either have to add to the deficit, meaning their budget might not actually balance as they claim, or they're going to have to raise taxes on
is back, and the $13 billion bailout in cypress. they want to pay for it by taxing people's bank accounts. dagen: the president will announce his no , nominee for s secretary. another looks at a man's record over at the justice department. connell: the cyber threats, a new report according to an isp, nigeria as being the worst for spam. dagen: the corporate tax burden in the country. who pays the most? those stories and much more coming up in hour on "markets now." ♪ connell: markets are going back to positive. dagen: who has a greater connection than anyone in the building. connell: good morning, nicole. dagen: good morning, yes, my mother and father were born in cypress, but i want to look here at the averages, a lot stemming from what we heard in cypress, them giving a vote to tax the depositors there, and that, in turn, could really pressure europe overall, that vote takes place tomorrow. the banks closed until thursday. the euro is at a four month low, and people are spooked. i mean, that's really what's occurring here, down 45 points for the dow jones industrials, so that's down
in the mine. the amazing thing is that although the central banks have been taxing myself deposits, giving negative interest rates and by a depreciating currency, like 26% depreciation in last 10 years, the ecb would come out so openly. that is the shocking thing. and of course, people should be very worried about what happened in argentina. they froze deposits and withdrawals so that this could spread. as we look at the united states and europe and the way that the politicians are running the show, it'd heading for disaster. as simpson-bowles said, it is a cancer. there is a time when bank deposits will be threatened if we continue even if the united states and europe -- people go to banks today thinking that it will be okay to. neil: that is a good point. not that it would be imminent or a near-term threat. but the fear is, here is a vulnerable little country where this is looking like a real fear. what about greece? what about portugal? >> i mean, this is western country. the last i heard is that europe is part of the west. >> what is your fear? >> my fear is that if things go awry in
to identity theft, especially during tax season. >> announcer: every year, millions of americans learn all it may take to devastate your life is a little personal information in the wrong hands. your identity needs protection, and no one does it better than lifelock. >> identity thieves steal from everyone. you have to protect yourself. i protect myself with lifelock. >> announcer: lifelock offers the most comprehenve identity theft protection, period. and lifelock ultimate was named "best in detection". lifelock's 24/7 proactive protection alerts you as soon as they detect an attack within their network, before it's too late. lifelock protects your social security number, money, credit, even the equity in your home. while identity theft can't be completely stopped, no one protects you better than lifelock. and lifelock snds behind that with the power of their $1 million service guarantee. you have so much to protect and nothing to lose when you call lifelock right now and try 60 days of identity theft protection risk-free. 60 days risk-free! use promo code: taxrefund. order now and get th
every with me that today we need a blue-collar conservative project which has taxes are people who work hard, do the right thing and want to get on? stop spending billions of pounds we don't have on overseas aid where we saw -- helping with their cost of living -- [inaudible] >> first of all, can i thank the honorable frien thing for givine the opportunity to remind people that even before this budget in two weeks time there will be a tax cut for 24 million people in our country? [shouting] as we raise the amount of money you can earn before you pay tax come we will take an over too many people out the tax altogether. we have frozen the council tax. we have canceled fuel duty increase after fuel duty increase, and we are legislating -- and i can also tell him where not going to carry on with a proposal made by the previous energy secretary which was about 179 pounds on everybody's bill. we decided to scrap that. >> ed miliband. [shouting] >> trento want to ask the primers about the situation in cyprus. can the prime minister update the house what is being done to protect the british nat
a bank at tax plan. now the risks of bank runs and bank collapses mount in this tiny country. we are about to bring you live report from cyprus. but cyprus may have an ace in the hole. it's called russia. the parliament is going hat in hand to russia to save its financial system in return for ownership of its natural gas resources. so do i have this right? the russian money-laundering thugs can save cyprus and maybe europe and maybe the global financial markets as well? it's a very scary thought. however, here at home, american business leaders speaking in one voice in a new campaign to push pro growth corporate tax reform. i like it. the polls show it. there's too much talk about root canal, dent and budge cutting. we need growth, we need optimism. we need "the kudlow report." it begins right now. >>> first up this evening, let's go live to cnbc chief international correspondent, michelle caruso cabrera who joins us from cyprus with the details. good evening, michelle. >> reporter: good evening, larry. it's been a day of high drama here in cyprus. just a few hours ago, the parli
taxes and pay cuts, instead what they did was they taxed bank deposits. they're calling it a tax. a lot of folks are calling it a seizure. here's what's significant. even small depositors below the insurance threshold are going to get hit. the original number for small depositors below 100,000 euros was 6.5%. they're working in parliament right now about shifting that and any other subsequent plan suggests that if you have insured money it will still get hit. what did we see over the week whend this announcement happened on yesterday? runs on the atms at the banks in cypress because they'd shut down the banks as a result of this. they stopped all wire transfers and you also if you tried to take money out they had partitioned out the amount of money that you were supposed to be giveing to the government each though there hasn't been a vote in parliament. why did cypress need a bailout? its banks are bust. the reason the banks in sicypru they bet the greek debt would not be restructured but it was. that's left a lot of them insolvent. the banks in cyprus are huge, eight times the size of
under $100,000 euros taxed 3% while savers over half a million will see the levy kred to 10%. those above the threshold pay 9.9% tax. the total revenue raised is expected to hold just shy of 6 billion euros. the rescue package is slated to begin today around 1500 cet. in the meantime, we're getting comment out of russia. seen as perhaps the targeted party here, i should say, with regard to some of the deposit taxes that are being pushed through on cipriot banks. for example, putin via spokesman has apparently called the levy, if approved, unfair, unprofessional and dangerous. european markets are in the red across the board as we've seen today. the ftse 100 down almost 1% and the xetra dax better than 1%. the ibex 35 is down 2%, roughly the same amount for the ftse mib. we can tell you that spanish and italian bonds have risen both on banks and for some of the periphery, showing pressure, as well. here is a look at some european banks. a mix there. on the left, you can see spain. banco santander down almost 4% some some cases. unicredit down almost 5%. moving to the french banks, cr
significantly. has he lost leverage with republicans? what does that mean for whether your taxes are going up? >>> and stephen colbert talks about his sister running for office and is talking about being white racist of itself. a war of words over race in america tonight. it's monday. a brand new start. your chance to rise and shine. with centurylink as your trusted technology partner, you can do just that. with our visionary cloud infrastructure, global broadband network and custom communications solutions, your business is more reliable - secure - agile. and with responsive, dedicated support, we help you shine every day of the week. diarrhea, gas, bloating? yes! one phillips' colon health probiotic cap each day helps defend against these digestive issues with three strains of good bacteria. live the regular life. phillips'. a hairline fracture to the mandible and contusions to the metacarpus. what do you see? um, i see a duck. be more specific. i see the aflac duck. i see the aflac duck out of work and not making any money. i see him moving in with his parents and selling bootleg dvds out
for medicare. or else i lose my provider, and i think that's a tax they are putting on people with -- bilities and trying to got to pay on their disability. and those with legionnaires disease or h.i.v., dirty needles. host: ray, atlanta, georgia, republican party. good morning. caller: good morning. very interesting conversation you're having this morning. i have found that most people pend a fairer amount of time planning for their vacation than for their retirement. i work with a fortune 10 company and have been with them for 28 years so at the water cooler hearing different conversations if you ask people how much money they have in their 401-k, a lot of them have no idea nor do they have any idea on the different plans to put their money in. it's rather appalling, actually. host: ray, how old are you? caller: 52. host: when do you plan to retire? caller: i'm going to work until i'm 62-63 years old. something about public america, i have a -- family members with retirement pensions about $65,000. being in corporate america my pension is nowhere near that, so if we don't save in our 401-k t
that would have taxed people's money in the bank. gold continues its climb, while oil had a major sell off. the lead engineer at adobe is reportedly leaving for a job at apple. the software company's stock traded in heavy volume after the close on better-than- expected earnings. meanwhile, williams sonoma reports were up 9% in the latest quarter. larry shover of sfg alternatives joins us for a closer look at the trading day. good to have you on the show as always larry. yesterday, the market had a bit of a turnaround. there was a rebound into the close as news was coming in from cyprus. what do you make of that? > > i make of it that i don't think we are making that big of a deal with cyprus. as long as the sovereign debt markets have access to sovereign debt, to the banking system, something like cyprus, although it is a headline risk, it is not a macro risk that we're used to. also, we had a really good housing number yesterday, confirming that our housing recovery is indeed on its way. > we also are ahead of the fed. i know traders will be closely watching for that statement. do you exp
been trying to gather support. the there are forced to pay a one off tax of 6.75%. and is not just the terms of the bailout making people here angry. some people feel they are being lied to. >> none of the promises they're making are real. five days ago, they were saying there was no chance for a haircut. now there is this situation than they are promising somehow we will get it back. there is no chance. >> germany has been blamed for insisting on the levee. they say they are open to changes. it includes a levy on deposits under 100,000 euro. the numbers we came up with are the base level. if there is any other way to achieve it, up to 100,000, we would not have the slightest problem. we would have to wait and see. >> given the angry reaction, there does appear to be rethinking going on behind the scenes. >> for more, we cross over live to cyprus to talk to nathan. it looks like the public backlash and international criticism are indeed forcing a rethink on this levy on bank deposits. how much room do they have? >> quite a bit of room as long as they can meet the magic number a 5.6
because of that deposit tax component. now, the president is currently meeting with the leaders of the political parties. of course, what he's trying to do is to strong arm and to persuade them into voting for that deal because the other alternative, yes, that is bankruptcy for this country, which has only 1 million people and only makes up 0.2% of the entire eurozone. the debate and the vote on that bailout deal will be kicking off in around four hours from now at 4:00 p.m. local time. thou, a lot of uncertainty as to what the outcome of the vote will be, given that nobody has a clear majority. having said that, there is, of course, the chance that some of the lawmakers who have been wavering could have been appeased by the talk that some of the taxes for the smallest depositors could be lowered. now, "the wall street journal" has reported that those deposits between zero is and 100,000 euros could be taxed at only 3% as opposed to 6.75% previously. now, the middle bracket would be 100,000 to 500,000 euros. that could be taxed at 10% and then anything in excess of half a millio
've never paid taxes in my life, no one wants to hear that kind of talk. warner: the irs just heard you and you will be hearing from them, man. . >> idiot. warner: very good, nick. connell: good one, nick. imus: never paid taxes in my life. okay. well, what else, warner, anything? >> well, my time is up, thank you. imus: your time is up. wilson pickett would have been 72 years old today. of course, he's not. he did record this before he left us. ♪ mustang sally ♪ ♪ guess you better slow your mustang down ♪ ♪ what i said now ♪ ♪ mustang sally now baby ♪ ♪ oh, lord, guess you better slow your mustang down ♪ ♪ oh yeah, you been running all over town now ♪ ♪ oh, guess i have to put your feet on the ground ♪ ♪ what i said now ♪ ♪ imus in the morning ♪ >> legalized theft in a country you barely heard of and your money takes a hit. good morning, everyone, cyprus is the country. the seizure of private bank deposits is the issue. europe says, if you want more bailout, you cyprus people, then everyone with money in cyprus must pay a tax on all bank deposits ha
by the parliament. [ inaudible [ inaudible ] >> they ordered down the blast. no tax or levy would be imposed on deposits less than $26,000. but there would have still been a fight on largeer amounts. it has people lining up at atm again today. banks remain closed. i am withdrawing some money in case of an emergency, this cypriat says. european union helped force the plan on cyprus in exchange for additional bail-out money. today, they, too, admit the seizure of private funds was a dangerous idea. >> i understand that there was a feeling, the bo in a way. >> russians have been speaking out against the approach as well. they hold up to half of the foreign investments in deposi deposits in cyprus. existing loans with moscow set to be present. >> there is a contract between russians and placement insy produce and the russian government. it's safer to put mup there. >> now the cyprus government has to figure out a new way out of the trouble. european union has to figure out if it will help lower. the banks are set to reopen on thursday. bret? >> greg palkot in london. thank you. back here at home
, the senate votes to repeal an obamacare tax. there's a headline for you. good morning, everyone. it's the medical device tax and the vote to strike it down 79-20, overwhelming abipartisan, the it helps to fund obamacare, upwards of 40 million people will face huge health insurance cost increases next year. could it be that obamacare is unravelling? don't forget cyprus, civil society is unravelling there. they're running short of gas and basic supplies and they've got 72 hours to come up with big money or else. don't worry, stocks will be up again just a few minutes from now. "varney & company" about to begin. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. all on thinkorswim. all stations come over to mithis is for real this time. step seven point two one two. rify and lock. command is locked. five seconds. three, two, one. sta
a silicon valley insider and former yahoo coo daniel rosenzweig on the push for the sales tax. what impact will that have on retailers? you'll want to hear his answer this morning and first, why dollar general can make some sense for your portfolio and take one more look at futures this morning. looking at a pretty decent open for a short workweek this day as we have good friday off here. live from squawk on the street from post 9 when we return. your big picture. but e with the fidelity guided portfolio summary, you choose which accounts to track and use fidelity's analytics to spot trends, gain insights, and figure out what you want to do next. all in one place. i'm meredith stoddard and i helped create the fidelity guided portfolio summary. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. >>> shares of dollar general rising in pre-market tradex clueding items that yrms 97 cents a share, beating wall street forecasts and revenues essentially in line with the company benefiting from increased food sales and jimmy,
trade that stuff and make money off of it if you buy enough quantity. it is triple tax-free. anything related to california, municipalities, people are buying them. they are buying them at discount and they are trading them. they are clipping the coupons. do they hold them until maturity? maybe not. here is one more, yankee stadium that that was issued to basically build the garage, again, buying with pennies on the dollar. you do not necessarily hold it until maturity. this is a trade. trade detail risk. big risk here. you can make some money. >> i will follow your advice and not go into this market. california, basketcase when it comes to taxes. it seems too low if they are trading at pennies on the dollar. charlie: it is the real distress stuff like this west virginia tobacco bonds. why aren't the tobacco bonds distressed? when you raise taxes, people will not smoke. they will not pay the taxes. as a trade, you can make some money. jon corzine rolled the dice with short term, i it was italian bonds and spanish bonds. his dad turned out money good. people lost confidence in his abil
will have to come along with tax increases. this deal still hurts. >> i do not think there is any denying that the cyprus people will have to go through tough times and will suffer the consequences. we had to adjust over relatively a short period of time. rich: now the question is what does this mean for the rest of the euro zone? this, the bailout should be a template for the rest of europe and banks should be reduced. back to you. connell: rich edson lives in cyprus. trading halted in some of those italian banking stocks also added the comments in terms of a template. time to bring in axel merck. your thoughts? >> good morning. when someone screams fire, you do not want to shut the accident. halting stocks, i do not think, is helpful at all. i think it is rather responsible. the question is what will happen. obviously, investors are taking action. connell: you just look at the big board here in the united states and the green at the beginning of the day has now turned red. european markets losing some steam. you talk about the italian banks and how it would not be a good idea to halt th
for 1 trillion in tax increases over the next decade. elizabeth plan will break it down at the bottom of the hour. president obama wrapping up four day tour in the middle east. before leaving israel the president managed to broker a an apology from netanyahu to the british prime minister over commando raid turkish ship that killed 8. he admitted mistakes were made in 2010 as forces were nato embargo. >> can i tell you about this meteor? >> i love that i was up up all night tracking this. this was the meteor they were talking about if you live along the east coast. it's all anybody is talking about. video of reportedly a meteor over a home in maryland from north carolina all the way up to maine. hundreds of people reported official across the sky. claims to captured the security video too. nasa experts says the space rock was probably the size of a softball or volleyball. they are not sure what size ball it was. perhaps a basketball. it burned up in the atmosphere though. >> alisyn: thank goodness. thank you for monitoring that. please call me immediately if you see it heading towards
and the latest deposit tax scheme. happy anniversary, apple dividend and it was a year ago when the tech giant announced its dividend in 17 years. will apple succumb to the bigger payout as it faces stiffer competition from samsung. lululemon doing the downward facing dog with the transparency with the iconic black yoga pants prompting the retailer to cut sales guidance and boeing clinches an order from ryanair. of course, we begin with the markets. the dow and the s&p 500 hoping to avoid their first three-day losing streak of the year. wall street will be paying close attention in about three hours from now. that country's parliament scheduled to vote on a proposed tax on bank deposits and the controversial measure appears set to go down in defeat. here in the u.s., policymakers begin a two-day meeting in which they're expected to hold current policy. this is one of the meetings where we will get a press conference and people will be hanging on every word and every use of every adjective coming out of the fed chairman's mouth. are you expecting anything? >> i think that, frankly, we are looki
. that includes a controversial tax on bank accounts to fund the bailout. >> people in cyprus brave the storm to protest outside parliament ahead of a crucial few hours for the country. inside, lawmakers are voting on a series of measures designed to help the financially stricken nation meet the terms of an international bailout package. few of the plan's details are known, even to eurozone officials in brussels, but an unpopular one of tax on savings could be back on the table, particularly on bank accounts with deposits of at least 100,000 euros. the plan needs to be in place by monday when the european central bank says it will withdraw financial aid for separate -- separate -- cypriot banks. >> a lot of people will definitely lose their jobs and benefits. >> cyprus needs to raise 5.8 billion in order to qualify for the bailout. its eurozone partners in the imf would then provide 10 billion euros in rescue loans. the fund raising measures under discussion include plans to restructure the country's second biggest lender and tapping state pension assets. >> all right, our correspondent is k
is the answer to everything. more tax, more spending. ours is, let's save medicare, let's save social security, let's downsize the federal government to a size that is manageable and affordable. >> shannon: there are all kinds of fiscal issues with the budget, with sequester and the debt ceiling, not far off. have you offered a number of ways that you think the federal government could be cutting back. your office is good at looking at budgets and plans. you have note aid number of things that could have been done n. liu of closing the white house to public visitors, but did you have bipartisan crossover. >> i had bipartisan crossover because they're getting ready to run for election. there is a game play in the senate. this administration wants to show the american public that we can't cut $44 billion between now and september 30 without them experiencing massive pain. they have every intention to make it hurt to get the point that we need to spends every penny we are spending. which is absolutely ludicrous. it's a shame they are doing that because a lot of things -- we are going to have air
's a tax. so theoretically, authorities have the authority to actually collect taxes on whatever. except it is being perceived as an ex appropriation of the savings. so -- but this is cypriot. this is a cyprus problem. don't extend it to the euro. the euro is not in danger because of what's happening in cyprus. nothing is going to happen to the financial system of the world because of what's happening in cyprus. we haven't had very enlightened series of decisions. since greece. and then we've bumbled a little bit, we've tumbled and is bumbled with spain and italy and now this cypriot thing is going to need a better design. >> so what is the design? what's the reasonable solution? >> well, one of the things is you don't have to affect the people who are below a certain threshold. now they're thinking about 20,000 or 50,000, whatever the threshold is. the conventional threshold used to be 100,000, but it doesn't have to be the case. the question is here. you really have to, you know, critters of the financial system have to take losses. you cannot make it a point. and this is the biggest m
taxes on the wealthy, put through a payroll tax increase, entitlements. we've got two out of three going. we had the president and congress raising taxes on the wealthy. i don't think bernanke wants to be the fed of 1937 because the recession came back aggressively and it was only world war ii that made the hiring come back. he doesn't want to be the guy -- he'd rather be second-guessed by all the bears who come on and say he's got to tighten because my short positions aren't making any money. he's not responding to the people who are short. he's actually responding to the american people. old-fashioned kind of guy. >> in terms of the reaction in the markets after the ben bernanke news conference, was that surprising at all that, for whatever reason, for whatever he said, the markets managed to rise and actually reached the highs of the day afterwards? >> i think there were a lot of people who expected that he would put in some language that just says, we're not going to keep rates low indefinitely because we see real estate, affordability is fantastic. you pick up the front page of the
have bank accounts would be taxed one time on their deposits. so if someone has an account with $129,000 or less, they would have to fork over almost $9,000. that's a 6.7% tax. people who live there as you can imagine, they're really nervous about this tax. over the weekend, many rushed to withdraw their money out of the bank. this is what's unnerving the markets right now. about 15 minutes before the opening bell. >> al wlis siclisoison kosik li york stock exchange. >>> the heat tied a leg record for the second most con secreta consecutive wins. they will try to extend the streak in boston tonight when the celtics have their own run going, 11 straight home wins. >>> another miami basketball team is also on a roll, though. the university of miami hurricanes beat north carolina to become atlantic coast conference champs and advance to the ncaa tournament. 67 other teamses are in the big dance which tips off tomorrow. that means it's time to fill out those brackets. carlos diaz is checking a huge one here in the cnn center. wow, carlos. ♪ ♪ indiana, indiana, we're all for you, we w
proposals, both very different on things like tax hikes and entitlement spending and neither likely to get enough support to make it to the president's desk in its current form. house speaker john boehner says he's at work toward balancing the budget going forward, but that's that washington's spending problems have to be addressed. >> when you get down to the bottom line, the president believes that we have to have more taxes from the american people and we're not going to get very far. if the president doesn't believe that the goal ought to be the balance of the budget over the next ten years, i'm not sure we'll get very far. >> peter doocy with the news in washington for us tonight. do lawmakers sound hopeful that the government shoulddown can be avoided? >> harris, none of the lawmakers we heard from today actually threatened to shut down the government at the end of the march and the focus seems to have shifted past the upcoming deadline to extend that short-term budget resolution and on to a more grand bargain, but speaker boehner says he doesn't know if democrats and republicans can
with the beginning, and we look for to continuing the discussions. >> cypress has long been a tax haven for russian companies who have billions of euros in separate banks, but many russians who live on the island are outraged at the proposed levy on their savings. >> this country has cheated us and stolen our money. yes, stolen. it was not their money. we brought it here. we did not earn it here. >> for now, a separate account holders are relieved that parliament shot down the proposal. >> it was time to take a stand. they are sure to find a solution. the separate people are strong. we can take a lot. we have proven that before through many tough times. >> the cypriot government is still searching for any viable solution. even the country's archbishop has offered to help by digging into the pockets of the church. 17 billion euros is the son the island needs to keep afloat, approximately equivalent to the country's economic output, and it is more than the eu is willing to put up without a significant contribution from cyprus itself. >> for more, we can go now live to nicosia where our correspondent
, then i want to assure you that we will be very resilient. >> it is goodbye to the low-tax business model that attracted lots of money a broad, a huge number of inking jobs will go. the country's a second-biggest bank, lockheed, will be submerged into the bank of cyprus. that's a, too, will be radically structured. euros will remain frozen. 30% will be taken to help sort out the thanks debts. under this new plan, deposits under 100,000 euros will be protected. the measures will not only affect foreign investors, many will lose out as well. there are barely any provisions with -- people have been supporting themselves in old age. the deposits are now in danger. >> up to now, the people have been extremely calm. and it is the people that have been great, not the politicians in this. the first attempted to deal for cyprus was voted down by the country's parliament. this time around, there approval is not required. >> let's go now live to make who is standing by for us and has the latest. nathan, the president was scheduled to address the nation as of this hour. it is a little bit late. what
the house republican, paul ryan, budget plan. >> hand out more budget-busting tax breaks for the wealthy, and to pay for these wasteful tax breaks, ld -- it would end medicare guarantee, it would raise tax on middle class families. to appease the tea party, the ryan republican budget would risk recovery, and that's just a price too high. >> reporter: needless to say, republicans disagree. they believe that their budget which ultimately, they say, would balance, would provide more opportunity and more jobs for the american people, jon. jon: obviously, both sides trying to get their points out. what are the republicans saying about these budgetary matters? >> reporter: they're going after the budget that was proposed by senate budget chair patty murray. they say it increases spending, increases the debt, never balances and raises taxes. senate republican leader mitch mcconnell a few moments ago called it extreme. >> a party that once cared about hard working american families seems of to have gone off the leftmost edge of the reservation with this budget. d.c. democrats' priorities are jus
. the reasons include according to the study, low cost of living and tax breaks in special programs encouraging businesses to move there. >> it is 7:20. tiger woods is now explaining his decision to share photos of him and new girlfriend lindsay vohn. posted professionally shot photos of the two of them together. woods says it was to devalue any first photos of the couple the paparazzi would have tried to get. the photographers are ruthless and put his children in danger. >>> if you live on the peninsula, you will have a chance today to see the world series trophy. the san francisco giant's trophy tour stops at the san mateo city hall between 1 and 3 this afternoon. both the 2010 and 2012 trophies will be on display. the giants open the new season against the dodgers in los angeles coming up april 1st. the first home game is friday april 5th and that will be against the st. louis cardinals. >> a lot of people are ready. >> time is 7:21. patches of fog outside . look out our window. yeah. it's fog. clear skies are just ahead. steve is coming back. he'll take a look at your weekend weather and t
to keep my costs down. what's your plan? ishares. low cost and tax efficient. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. looking for a litter with natural ingredients that helps neutralize odors. discover tidy cats pure nature. uniquely formulated with cedar, pine, and corn. dad: you excited for youyeah.st day? ♪ dad: you'll be fine, ok? girl: ok. dad: you look so pretty. ♪ i'm overprotective. that's why i got a subaru. love. it's what makes a subaru, a subaru. >>> right now president obama is preparing for his first trip to israel as president and the first trip since the arab spring. the first leg of this four-day trip begins in just hours. air force one will depart from joint base andrews, headed to tel aviv, israel. president obama will meet israeli president shimon peres and benjamin netanyahu. then in jerusalem, president
of money are the banks, the departs of the they said we think you should tax departs. imposing austerity is not going to work here, there's only a million people. this country sdwaedoesn't want this because they're a business model. their business model is to attract deposits here. they pay 4% and 5%. so that's the big fight, how do they come up with that 5.8 billion. they may have to shut down banks. that's why you're seeing lines at the atm. >> so how does this resolve itself over the next week? >> reporter: so the banks are going to be closed at least until tuesday. that's the deadline that the european central bank has said to cyprus you better come up with the deal or else we're going to cut off your banks. that means they're not going to fly in cash like they have been doing, they're not going to provide liquidity. if you don't know what that means, it's very simple. the weak banks will fail, they'll get shut down and people will lose a lot of money. that's probably how it's going to end up happening in some form or fashion. the weirdest possible outlier is that cyprus says, you kn
to redress for military victims they have less tax action to justice. >> with the two victims that change the culture in the military? >> there are likely to get more justice in the system that is why it functions. but in the news and mainstream news with the civilian criminal justice system cannot give her justice. >> had to change a culture in the military? >> one piece but that panetta news last month only one specialty is far as reid no. but that goes hand-in-hand with sexual harassment and sexual assaults. >> to report your case how would that have changed how your case was handled and would it have shown? >> five lead had to reach back 20 years but. >> said in my case i presented the documentation necessary to move forward and they did not do anything. to have something come up so we could move forward but ultimately i would have been forced out or scared for my life. >> i am not sure if i would do much different a. so not this year but last year but the budget for everyone to go through the independent prosecutor cited challenges changing in the culture within the military how wome
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